The House of Representatives Financial Services Committee has released the third draft of the stablecoin bill ahead of its June 13 meeting.
The Republican chair of the House Financial Services Committee has released a new draft of the US legislative proposal to oversee stablecoins. In the draft published, the views of the democratic deputies were also included. According to a committee spokesperson, the new draft aims to combine the views of the two parties. The draft, which requires the Fed to set requirements for stablecoin issuance, also includes allowing state regulators to oversee companies that issue the tokens.
Critical Meeting will take place on 13 June
The bill, published on Thursday, June 8, is expected to be discussed at the critical committee session on June 13.
This bill gives the Fed several additional powers to the Republicans’ previous bill, including the power to intervene with state-regulated issuers in emergencies. Representative Patrick McHenry, chair of the panel, had been prioritizing stablecoin legislation since last year before he became head of the committee. When he took office, McHenry continued his work, even though the Democrats complained that the republicans had rewritten the bill without their contribution.
If the bill is presented and passed by both houses of Congress, it will be the first US regulation for stablecoins.
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